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13 Cards in this Set
- Front
- Back
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When principal gives approval to unauthorized actions after they are performed creating agency relationship after the fact? |
Ratification |
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After agency relationships terminate what does an agent still owe the principal duty of? |
Confidentiality |
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An exaggerated term? |
Puffing |
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In most cases a listing agent is considered this? |
Special agent |
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This is legal as long as it is disclosed and in a written agreement signed by all parties... |
Acting as a dual agent |
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The person who authorizes an agent to act on his behalf? |
The principal |
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Someone who holds a special position of trust in confidence in relation to another? |
Fiduciary |
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when the principle allows a third party to believe in agency relationship exists so the principal is a legally precluded from denying the agency? |
Estoppel |
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where no actual authority has been given but the principle allows it to appear that the agent is authorized and therefore is estopped from denying the agency. Also called ostensible authority. |
Apparent authority |
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Any profit an agent receives as a result of the agency relationship and does not disclose to the principal? |
Secret profit |
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The agent that takes the listing on a property and who may or may not be the agent who procures the buyer? |
Listing agent |
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The agent who procures a buyer for a property and who may or may not have taken the listing? |
Selling agent |
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An agent of an agent. A broker is generally considered to be a sub-agent of her designated brokers principal. |
Sub-agent |
